The cute little hamlet of East Meadow is located in the town of Hempstead on Long Island in New York . In 1790, while visiting the town of Hempstead , George Washington wrote in his journal: "We left Jamaica about eight o' clock and pursued the road to South Hempstead , passing through the south edge of the plain by that name... without a tree or shrub growing on it." The area Washington passed through is now called East Meadow , NY . Only the western boundary of East Meadow has a fringe of trees indigenous to the Hempstead Plains. The barren plain that Washington passed through over two hundred years ago is now a thriving hamlet with a population of over 40,000 people.
Mortgages
If you would love to live in East Meadow , New York , the first thing you have to ask yourself is how you want to do it. Do you want to rent an apartment or do you want to buy a house? These days the rent on apartments is almost as high a monthly mortgage payment. As oil prices continue to rise, the landlords have to constantly raise their rent, making renting a more expensive prospect. Another downside to renting is that when your lease expires, you have nothing to show for it.
The Drawbacks
There are some drawbacks to owning your own home. If you are renting, any major problems that occur, such as a plumbing or electric problem, become the responsibility of the landlord. When you own your own home, you are the one responsible for any problem that occurs. If you have stretched your budget too far, this may present a problem. If you are in a precarious position with your job, jumping into home ownership may not be what you want to do. Monthly payments that are not made can damage your credit score, which could cause you serious problems in the future.
The Benefits
When you own your own home, it is solely yours. When you are renting, the landlord is the one who owns the building. Lease agreements, while meant to keep renters safe, have been broken before when landlords sell. Many times renters get upset when their landlords sell out because the new owner has different rules and regulations. While the previous owner may have allowed you to have a cat, the new landlord may not, and then you find yourself having to get rid of a member of your family.
Owning a home gives you the chance to build up your credit score and to get equity in your house. With enough equity, you can take out a home equity loan. A home equity loan goes against the amount of equity you have built in your home through paying your monthly payments on time. This loan can be tacked on to the current mortgage so that you do not have to make extra monthly payments. A lot of people use home equity loans as a way to pay off large debts.
Refinancing is also an option when you have a mortgage. Refinancing is the process of your mortgage company paying off your previous mortgage and issuing you a new one. If the interest rate on the new mortgage is lower than the interest rate on the previous mortgage, you can save a lot of money, culminating in either lower monthly payments or shortening the length of your mortgage.
The decision whether to own or to rent is not one to be taken lightly, and every aspect should be thoroughly discussed before you make your decision. But if you do decide to buy, a mortgage is a great way to be able to do so without having a large amount of money in the bank. Having a mortgage also allows you to be able to refinance or get a home equity loan. If you are interested in mortgages, home equity loans or refinancing a current mortgage, please fill out this form. This will allow a mortgage expert to contact you to discuss all the options available to you.
